Butyl Acrylate Market
Butyl Acrylate Market (Purity - High Purity, Common Purity; Application - Paints and Coatings, Adhesives and Sealants, Chemical Synthesis, Plastic Additives, Textiles, Others (Pulp, Paper, Leather Processing)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
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Butyl Acrylate Market - Snapshot
Butyl acrylate is major acrylic monomer from the acrylic esters group, which is derived from acrylic acid for providing performance properties to a wide range of polymers. Butyl esters are utilized in various industries including paints & coatings, adhesives & sealants, textiles, plastic additives, and paper treatment.
Butyl acrylate monomers impart several desirable properties to polymeric materials such as color stability, heat resistance, aging resistance, clarity, low temperature flexibility, enhanced weather ability as well as acid and base resistance. Butyl acrylate possess characteristics such as hardness, durability, tackiness, and temperature resistance to varying degrees.
Demand for butyl acrylate is driven primarily by GDP, due to its high amount of usage in paints, surface coatings, adhesives & sealants in construction and automotive industries. Therefore, demand for butyl acrylate is expected to be high in developing countries, who are anticipated to witness a rise of GDP at a higher growth rate. This, in turn, is expected to boost automotive and construction sectors in these countries.
In terms of value, the global butyl acrylate market is anticipated to reach US$ 8.1 Bn by 2026, expanding at a CAGR of 5.0% from 2018 to 2026. The global butyl acrylate market has been segmented based on purity and application. Based on purity, the global butyl acrylate market has been segregated into high purity and common purity. The high purity segment is expected to expand at a significant growth rate during the forecast period. Based on application, the global butyl acrylate market has been classified into paints & coatings, adhesives & sealants, chemical synthesis, plastic additives, textiles, and others. The others segment includes pulp & paper applications and leather processing. Butyl acrylate is utilized extensively in the production of plastic compounds. Butyl acrylate is also used in the production of industrial textile materials and apparel. The paints & coatings segment accounted for a significant share of the butyl acrylate market in 2017. It is likely to remain a dominant segment during the forecast period. The adhesives & sealants segment is anticipated to expand at a rapid pace, followed by the paints & coatings segment, in terms of value and volume, between 2018 and 2026.
Butyl acrylate is a major raw material required for the manufacture of engineering plastic components. Currently, the prices of butyl acrylate are increasing due to a shortage of supply. Its availability is affected in China, due to the shortage of supply of acrylic acid, which is a major raw material needed for the production of butyl acrylate. Production of butyl acrylate in the U.S. was disrupted recently by Hurricane Harvey, which caused a shortage, requiring imports or on-purpose production. Hurricane Harvey has disrupted several key feedstocks, leading to the announcements of forced plant shutdowns. The shortage of butyl acrylate, globally, is hampering the market despite production expansions witnessed in APAC. The prices for butyl acrylate are anticipated to rise in the second quarter of 2018 due to high demand. Increasing imports and recovery in supply are likely to play an important in role in 2018 in order to meet the demand for butyl acrylate.
China has established new butyl acrylate manufacturing plants. It plans to expand their capacity due to the sudden increase in demand from automotive and construction industries. In China, new acrylic acid & acrylic ester plants are being established by major Europe-based raw materials manufacturers such as BASF SE & AKEMA S.A.
Asia Pacific dominated the global butyl acrylate market and accounted for more than 50% share in 2017. It was followed by Europe and North America. The U.S. held a key share of the butyl acrylate market, in terms of volume and revenue, in North America in 2017. It is likely to remain dominant during the forecast period across all regions. Presence of leading acrylic esters manufacturers and increase in demand for water-based coatings, and limitations on VOC emission plastics in the country are driving the demand for butyl acrylate in U.S. The butyl acrylate market in North America, Europe, and Asia Pacific is expected to expand at a high CAGR during the forecast period. The butyl acrylate market in Latin America and Middle East & Africa is projected to expand at a sluggish pace during the forecast period.
The report comprises profiles of major companies operating in the global butyl acrylate market. Key players operating in the butyl acrylate market include ARKEMA S.A., BASF S.E, NIPPON SHOKUBAI CO., LTD, DOWDUPON INC., LG CHEM LTD., TAOGOSEI CO., LTD., Mitsubishi Chemical Corporation, and SunVic Chemical Holdings Corporation. Other prominent players in the butyl acrylate market include Formosa Plastics Corporation, Shenyang Chemical Co., Ltd, OSWAL UDHYOG, Haihang Industry Co., Ltd., Shanghai Huayi Acrylic Co., Ltd., Wanhua Chemical Group Co., Ltd., and China National Offshore Oil Corporation. The market players are primarily focused on acquisition & mergers and strategic partnerships for relocation and consolidation of acrylic ester supply chains. In 2017, SunVic Chemical Holdings Limited and Arkema Asie SAS ('Arkema'), a leading global France-based chemical company, formed a joint venture, i.e. Taixing Sunke Chemical Co., Ltd. The joint venture owns three production lines for acrylic acid & acrylic esters in Taixing City, China.
Growing Demand from the Automotive Sector to Benefit Global Butyl Acrylate Market
Butyl acrylate is classified as an unsaturated hydrocarbon. It is a colorless, hygroscopic crystalline solid that comes as a translucent colorless liquid with a distinct fruity flavor. In addition to that, butyl acrylate comes with solubility in organic solvents but has reduced water solubility and has a lower density than water. Butyl acrylate polymerizes easily and shows a diverse variety of properties based on the reaction conditions and monomer used. Growing prominence of this organic compound is estimated to trigger growth of the global butyl acrylate market in near future.
Adoption of Sustainable Manufacturing Processes to Trigger Evolution of the Market
In the recent years, there has been a rise in the output and use of butyl acrylate for a variety of applications, and a similar trajectory and pattern is projected to continue in the coming years. The adoption of sustainable and advanced manufacturing processes, along with rising demand in the petrochemical sector, is expected to have a positive effect on the evolution of the market. Infrastructural improvements, rising disposable incomes and evolving lifestyles have resulted in a rise in refurbishment and restoration operations, as well as plans of construction. Growing scope of use in these applications is likely to propel growth of the global butyl acrylate market in the forthcoming years.
In addition to that, rising demand and significant growth in the automotive sector, as well as increasing industrialization in all developing countries, have fueled development in the paints and coatings sector. Innovative processing methods have enabled the recycling of such compounds, as well as a reduction in the prices and potential dangers associated with their manufacture and use. This is likely to contribute to the long-term prosperity of the global butyl acrylate market in near future. Furthermore, the key stakeholders in the supply chain are increasing development of butyl acrylate with sophisticated, innovative technologies, which is estimated to drive the demand for butyl acrylate in the coming years.
Butyl Acrylate Market - Overview
Butyl acrylate a major type of acrylic esters, which is widely popular for its durability, hardness, high strength, and high temperature resistance. It is primarily utilized for producing thermoplastic compounds. Butyl acrylate is ideal for surface coating applications.
Butyl acrylate is manufactured from ester grade acrylic acid, called as glacial acrylic acid (GAA), with small amount of n-butanol at elevated temperatures, at a yield of 94% to 95%. The manufacturing of butyl acrylate is usually integrated to an acrylic acid facility. All the processes are based on the same principal, called esterification. Different catalysts, conditions, systems, recycle of alcohol and quality of finished product are involved in the processes. Available technology for manufacturing acrylic esters is limited. Most plants utilize the Nippon Shokubai process for manufacturing butyl acrylate monomer. The other processes are licensed by Mitsubishi and BASF S.E.; however, large-scale manufacturers of acrylic acid & acrylic esters do not reveal their technology.
In terms of purity, the high purity segment is anticipated to expand at a significant growth rate during the forecast period. High purity butyl acrylate has enhanced performance characteristics such as color stability, high chemical resistance, hardness and trace amounts of acrylic acid, which makes it more suitable for the production of plastic compounds and as well as resin formulations.
In terms of application, the paints & coatings segment held major share of the market in 2017. This trend is likely to continue during the forecast period. This is due to the rising demand for butyl acrylate monomers that are utilized in formulating water-based acrylic emulsions for architectural and industrial coatings. Demand for butyl acrylate majorly depends on the construction sector, growth of GDP, and regulatory issues. Moreover, the adhesive & sealants segment is projected to expand at a prominent CAGR between 2018 and 2026, owing to the high demand for adhesives and carpet backing compounds to be utilized in construction & automotive sectors.
BASF has a production plant in North America operating out of the Freeport Facility in Texas, U.S. The plant has a production capacity 230 kilo tons of acrylic acid per annum and 115 kilo tons of butyl acrylate. This facility was under force majeure for six weeks in 2017, due to the adverse effects of the Hurricane Harvey.
Asia Pacific held a significant share of the global butyl acrylate market in terms of value and volume in 2017. The region is expected to continue its dominance during the forecast period. China is a highly lucrative market for butyl acrylate in Asia Pacific, followed by India and Japan. Global increase in automotive car production and expansion of the construction sector is a key factor driving the demand for Butyl Acrylate products. The automotive sector is expanding at a significant rate, which in turn anticipated to offer lucrative opportunities for the butyl acrylate in North America. Europe is expected to increase its share of the global market during the forecast period. The market in North America is likely to expand at a significant pace in the near future. The market in Latin America and Middle East & Africa is likely to expand at a sluggish pace in the near future.
This report analyzes and forecast the market for butyl acrylate at the global and regional level. The market has been forecast based on revenue (US$ Mn) and volume (kilo tons) from 2017 to 2026, considering 2017 as the base year. The study includes drivers and restraints of the global butyl acrylate market. It also covers impact of these drivers and restraints on the demand for butyl acrylate during the forecast period. The report also highlights opportunities in the butyl acrylate market at the global and regional level. The report provides detailed profiling of butyl acrylate manufacturers along with competition matrix.
The report includes detailed value chain analysis, which provides a comprehensive view of the global butyl acrylate market. The Porter’s Five Forces model for the butyl acrylate market has also been included to help understand the competitive landscape. The study encompasses market attractiveness analysis, wherein, purity, and application are benchmarked based on their market size, growth rate, and general attractiveness. The study also includes pricing analysis based on purity and region
The study provides a decisive view of the global butyl acrylate market by segmenting it in terms of purity and application. These segments have been analyzed based on present and future trends. Regional segmentation includes current and forecast demand for Butyl Acrylate in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The report provides the actual market size of butyl acrylate for 2017 and estimated market size for 2018 with forecast for the next eight years. The global butyl acrylate market has been provided in terms of revenue in US$ Mn and in terms of volume in kilo tons. Market size has been provided in terms of global, regional, and country level market.
The report comprises profiles of major companies operating in the global butyl acrylate market. Key players operating in the butyl acrylate market include ARKEMA S.A., BASF S.E, NIPPON SHOKUBAI CO., LTD, DOWDUPONT INC., LG CHEM LTD., TAOGOSEI CO., LTD., Mitsubishi Chemical Corporation, and SunVic Chemical Holdings Corporation. Other prominent players in the butyl acrylate market include Formosa Plastics Corporation, Shenyang Chemical Co., Ltd, OSWAL UDHYOG, Haihang Industry Co., Ltd., Shanghai Huayi Acrylic Co., Ltd., Wanhua Chemical Group Co., Ltd., and China National Offshore Oil Corporation.